TAIEX follows Wall Street fall
The TAIEX closed down 1.61 percent yesterday as investors reacted to a Wall Street fall overnight amid renewed concerns over weakening global economic fundamentals, dealers said.
The TAIEX fell 124.92 points to 7,616.28, after moving between 7,577.10 and 7,687.47, on turnover of NT$115.80 billion (US$3.62 billion).
The market opened down 0.93 percent after Wall Street’s 1.39 percent decline pushed the Dow Jones Industrial Average to the brink of tumbling below the key 10,000 barrier, dealers said.
Selling accelerated across the board with Hon Hai Precision Industry Co (鴻海精密), the world’s largest contract electronics manufacturer, dragging down the index on weaker-than-expected results for the first half of the year..
A total of 3,087 stocks closed down and 692 finished higher, with 151 remaining unchanged. Foreign and Chinese institutional investors were net sellers of NT$5.3 billion in shares on the day.
Taiwan and Ireland talk
Taiwan and Ireland opened a two-day conference in Dublin on Monday to discuss cooperation on sustainable energy technology, Taiwan’s representative to Ireland said the same day.
The joint conference, sponsored by the National Science Council (NSC) of Taiwan and the Science Foundation Ireland (SFI), has five major topics on its agenda — applications of information and communication technology, ocean energy, renewable energy, solar energy and smart grids.
The conference has been planned for about two years and has finally been organized thanks to the aid of the NSC and the SFI, Taiwanese Representative to Ireland Lee Nan-yang (李南陽) said at the opening ceremony.
“Taiwan and Ireland are both devoted to the development of green power,” Lee said. “I hope the joint conference will increase opportunities for cooperation on green power technology between the two countries,” he added.
Over 70 representatives attended the conference, including officials of state-owned companies and scholars from both countries.
China firm seeks TAIEX listing
Chunghong Holdings Ltd (昶虹), a Chinese printed circuit board (PCB) firm, is seeking to raise funds in Taiwan through a primary listing on the local main board, underwriter Capital Securities Corp (群益證券) said on Monday.
Capital Securities said Chunghong, which is registered in the Cayman Islands, is planning to issue 7.61 million new shares to raise about NT$216.8 million (US$6.77 million) and has filed an application with the Taiwan Stock Exchange for the listing.
According to its prospectus, Chunghong expects the listing to be completed in the first quarter of next year.
Aside from making PCBs, Chunghong also provides surface mount technology to make electronic circuits in which the components are mounted on the surface of the PCBs.
Chunghong, which was founded by Taiwanese businessmen operating overseas, was listed on the Singapore Exchange in 2007 but delisted voluntarily last year.
FET appoints new president
Far EasTone Telecommunications Co (FET, 遠傳電信) promoted Chief Commercial Officer Yvonne Li (李彬) to the post of president, replacing Jan Nilsson who stays in his role as vice chairman, effective from Sept. 10, the Taipei-based operator said in an exchange filing yesterday.
NT falls against US dollar
The New Taiwan dollar fell against the US dollar yesterday, declining NT$0.042 to close at NT$32.102.
Turnover totaled US$1.082 billion during the trading session.
HSBC Bank (Taiwan) Ltd (匯豐台灣商銀) has approved two sustainability-linked loans totaling NT$450 million (US$15.55 million) for Taya Group (大亞集團) and Sinbon Electronics Co (信邦電子), the bank said yesterday, adding that interest rates would fall if the borrowers’ sustainability performance improves. Those marked the first sustainability-linked loans granted by HSBC Taiwan, it said. While HSBC Taiwan has experience providing green loans for the nation’s developers of renewable energy sources to support their projects, the bank began focusing on sustainability-linked loans to meet rising demand from companies in other sectors planning to undertake sustainability programs, it said. “As we reward our clients who reach their
‘NEW TRAVEL MARKET’: The carrier initially planned to lay off about 8,000 people globally, but after government intervention reduced that to 18 percent of its workforce Cathay Pacific Airways Ltd (國泰航空) would cut 6,000 jobs and close its Cathay Dragon brand, the South China Morning Post reported, as part of a strategic review to combat the unprecedented damage caused by the COVID-19 pandemic. The Hong Kong-based airline is expected to officially announce the plan after the market close today, the newspaper said. It initially planned about 8,000 layoffs globally, but after government intervention reduced that to 18 percent of its total workforce, including about 5,000 jobs in Hong Kong, it said. The company, which posted a HK$9.9 billion (US$1.3 billion) loss in the first half, has for months
V-SHAPED RECOVERY: Local tech firms have benefited from strong demand for 5G deployment and electronic devices required for a low-contact economy, CIER said The Chung-Hua Institution for Economic Research (CIER, 中華經濟研究院) yesterday raised its forecast for the nation’s GDP growth this year to 1.76 percent, from its previous estimate of 1.33 percent, saying exports and private consumption have staged a V-shaped recovery from the COVID-19 pandemic in the second half of the year. “The upgrade aims to reflect the fast recovery in Taiwan’s exports and domestic demand,” CIER president Chang Chuang-chang (張傳章) told a media briefing. The Taipei-based think tank said the economy might have expanded 2.77 percent last quarter — emerging from a 0.78 percent decline in the second quarter — and would grow
Hon Hai Precision Industry Co (鴻海精密) founder Terry Gou (郭台銘) yesterday said that the company remains committed to its project in Wisconsin, but appeared to condition its completion on the receipt of state incentives, the Wall Street Journal reported. Gou said in a statement that Hon Hai, known as Foxconn Technology Group (富士康科技集團) outside of Taiwan, remains committed to its investment, although “market conditions and the COVID-19 pandemic” have altered the timing of its expansion and the specifics of its manufacturing plans. The company has over the past three years invested US$750 million to transform southeastern Wisconsin into a high-tech